"It's great to see an asset change hands from one traditional hotel family to another, with the knowledge that the sovereignty of the venue will be preserved under a similar style of operator," Dragicevich says.

"Surry Hills is experiencing a resurgence in recent times following various hotels in the area transacting and relaunching - further establishing the suburb as a genuine hospitality destination.

"Also key to the sales process was the soon-to-be constructed South East Light Rail linking Central Station to Randwick.

"The only proposed Surry Hills stop is on Devonshire Street in close proximity to the Trinity Bar which will no doubt greatly assist the long-term profitability outlook of the venue."

"We continue to experience a shortening of quality supply for thirsty investors as a prevailing market condition which means when good assets do hit the market there is genuine competition between buyers," McDonald says.